9-4-303 - Impact fund -- Deposits and contents -- Use of fund money. - Utah Statutes

9-4-303. Impact fund -- Deposits and contents -- Use of fund money.
(1) There is created an enterprise fund entitled the "Permanent Community ImpactFund."
(2) The fund consists of:
(a) all amounts appropriated to the impact fund under Section 59-21-2;
(b) bonus payments deposited to the impact fund pursuant to Subsection 59-21-1(2);
(c) all amounts appropriated to the impact fund under Section 53C-3-203;
(d) all amounts received for the repayment of loans made by the impact board under thischapter; and
(e) all other money appropriated or otherwise made available to the impact fund by theLegislature.
(3) The state treasurer shall:
(a) invest the money in the impact fund by following the procedures and requirements ofTitle 51, Chapter 7, State Money Management Act; and
(b) deposit all interest or other earnings derived from those investments into the impactfund.
(4) The amounts in the impact fund available for loans, grants, administrative costs, orother purposes of this part shall be limited to that which the Legislature appropriates for thesepurposes.
(5) Federal mineral lease revenue received by the state under the Leasing Act that isdeposited into the impact fund shall be used:
(a) in a manner consistent with:
(i) the Leasing Act; and
(ii) this part; and
(b) for loans, grants, or both to state agencies or subdivisions that are socially oreconomically impacted by the leasing of minerals under the Leasing Act.
(6) The money described in Subsection (2)(c) shall be used for grants to politicalsubdivisions of the state to mitigate the impacts resulting from the development or use of schooland institutional trust lands.

Amended by Chapter 303, 2007 General Session